“This is a very well-positioned property that will only continue to benefit from the current upsurge in the Northern New Jersey residential sales market,” said Gutoff. “Union City and the surrounding areas of Hoboken, Jersey City and Weehawken offer some of the most luxurious Manhattan-style condos at a substantial discount, and this is another indicator of investor demand for luxury-quality, income-producing assets across the river from New York City.”

Currently, 142 of the 189 condos are occupied. The package is comprised of a mix of studio, one- and two-bedroom units.

The new ownership plans to renovate the vacant units to include high quality finishes. The property recently underwent a $2.4 million renovation to its common areas, which include a new marble lobby, community room, fitness center and landscaped courtyard.

In addition to the condominiums, the buyer also acquired four retail condos at the property, which, taken together, total 3,621 sq. ft. of space, and a 225-space parking lot.